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Structural Steel Market Research Report Information By Product (Heavy Sectional Steel, Light Sectional Steel, Rebar), By Application (Residential, Non-Residential, Infrastructure), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032


ID: MRFR/CnM/6021-HCR | 100 Pages | Author: Harshita Gorade| April 2024

Global Structural Steel  Market Overview


Structural Steel Market Size was valued at USD 105.2 billion in 2022. The Structural Steel industry is projected to grow from USD 110.8 Billion in 2023 to USD 168.8811734 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.21% during the forecast period (2024 - 2032). The market drivers is fueled by several key factors, including the growing demand for energy conservation, waste reduction in construction, strict regulations on carbon emissions, and the urgency to address rapid deforestation. These drivers push the industry towards sustainable practices and solutions, creating opportunities for innovative and eco-friendly products and technologies.Structural Steel Market Overview


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Structural Steel Market Trends




  • The increasing residential construction activities primarily drive the market growth




The demand for stainless steel, a key structural steel component, is rising due to the growth of manufacturing industries. Structural steel's recyclability aligns with the demand for green building construction, further boosting its market. Countries like India and China, experiencing significant construction and infrastructure development, contribute to the expansion of the structural steel market. Government initiatives to enhance housing conditions drive the demand for structural steel in construction. Additionally, utilizing structural steel in large facades and walls contributes to the market's robust growth. This factor drives Market CAGR.


Additionally, the significant increase in residential and no building across the globe and the use of structural steel in constructing these buildings is considered the major driver for the structural steel market. The growth in manufacturing industries creates demand for flat products like stainless steel, which can drive the structural steel market. The increasing demand for green building construction is also increasing the market for structural steel as this structural steel is recyclable. Further, the growing construction activities and infrastructure development in countries like India and China can considerably increase the market for structural steel. The government initiative for improving housing situations across different countries has increased the demand for structural steel in the construction industry. Structural steel is used in large facades, walls, and other materials. Real estate companies are constructing various office areas, which also act as a growth driver for the structural steel market. Thus, these factors drive the Structural Steel market revenue.


Structural Steel  Market Segment Insights


Structural Steel Product Insights


The Structural Steel market segmentation is based on heavy sectional steel, light sectional steel, and rebar products. The heavy sectional steel segment dominated the market due to its strength, load-bearing capacity, and suitability for supporting substantial loads and providing structural stability. It is commonly employed in applications where structural integrity and durability are paramount.



Structural Steel Application Insights


The Structural Steel market segmentation, based on application, includes residential, non-residential and infrastructure. The non-residential segment dominates the market and is often influenced by the construction of commercial buildings, industrial facilities, and institutional structures. Structural steel is favored in these applications due to its strength, versatility, and ability to support large spans and heavy loads.


Figure 1: Structural Steel Market, by Application, 2022 & 2032 (USD billion)                       


Structural Steel Market, by Application


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Structural Steel Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Structural Steel Market area will dominate this market because the market in this region is primarily driven by rapid industrial growth in conjunction with technological advancements in the region's construction industry. China has emerged as the most profitable country in this Region due to its rapid GDP growth, which has fueled demand for construction activities. Moreover, China’s Structural Steel market held the largest market share, and the Indian Structural Steel market was the fastest-growing market in the Asia-Pacific region.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure2: STRUCTURAL STEEL MARKET SHARE BY REGION 2022 (%)                                 


STRUCTURAL STEEL MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe's Structural Steel market accounts for the second-largest market share. The global market for structural steel is witnessing substantial growth driven by the rise in residential and no building construction activities worldwide. There is also a growing emphasis on innovation in green construction materials, further propelling the market. The German Structural Steel market holds the largest market share among European countries, while the UK Structural Steel market is experiencing rapid growth.


The North America Structural Steel Market is expected to grow at the fastest CAGR from 2023 to 2032. Increased construction spending also drives demand in the region's structural steel market. The Region suffered a heavy economic loss, especially in the U.S. and Mexico, due to the COVID-19 pandemic.


Structural Steel Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the Structural steel market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Structural Steel industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Structural Steel industry to benefit clients and increase the market sector. The Structural Steel industry has offered some of the most significant advantages in recent years. Major players in the Structural Steel market include Arcelor Mittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group.


Anshan Iron and Steel Group Corporation, a state-owned steel maker in China, is currently undergoing a potential merger with Benxi Iron & Steel Group. This strategic move by Anshan Iron & Steel Group is set to enhance the presence and global expansion of major players in the industry, providing new opportunities for growth and development.


Hesteel Group Company Limited, a prominent Chinese iron and steel conglomerate, recently acquired a 70% stake in Indian steel producer Tata Steel. This strategic move allows Hesteel to expand its international market share, particularly in Southeast Asia, with a growing focus on construction and infrastructure projects. Formerly known as Hebei Iron and Steel Group Co., Ltd., Hesteel Group is recognized for its iron and steel manufacturing industry expertise.


Key Companies in the Structural Steel market Include



  • ArcelorMittal S.A.

  • Hebei Group


  • Baosteel Group Co.

  • Nippon Steel & Sumitomo Metal Corporation

  • Tata Limited

  • Anshan Iron & Steel Group Corporation

  • Anyang Group Co. Ltd.

  • Baogang Group


  • Hyundai Steel Co. Ltd.

  • Bohai Group

  • POSCO


Structural Steel Industry Developments


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Oct 2020: Vonage has teamed up with Hacktoberfest to promote and honor contributions to the Open Source community. As part of their initiative, Vonage provides access to their libraries, code snippets, and demos on GitHub, supporting developers in their Open Source projects.


Structural Steel Market Segmentation


Structural Steel Product Outlook



  • Heavy Sectional Steel

  • Light Sectional Steel

  • Rebar


Structural Steel Application Outlook



  • Residential

  • Non-Residential

  • Infrastructure


Structural Steel Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Attribute/Metric Details
Market Size2022 USD 105.2 billion
Market Size 2023 USD 110.8808 billion
Market Size2032 USD 168.8811734 billion
Compound Annual Growth Rate (CAGR) 5.40% (2024-2032)
Base Year 2022
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Application, and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  Arcelor Mittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group
Key Market Opportunities The factors driving the market growth include rapid urbanization, significant expansion in the construction sector, and a growing emphasis on innovation in green construction materials.
Key Market Dynamics Recyclable, Environmentally friendly Reduces the greenhouse gas emissions


Frequently Asked Questions (FAQ) :

The Structural Steel market size was valued at USD 105.2 billion in 2022.

The global market is estimated to grow at a CAGR of 5.40% during the forecast period, 2024-2032.

Asia-Pacific has the largest share of the global Structural Steel Market

The major players in the market are Arcelor Mittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group.

The Heavy Sectional Steel category dominated the market in 2022.

The non-Residential the largest share in the global market.

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